Posted February 18, 2013
It was an interesting week indeed on the currency markets. The US dollar managed to do well in some areas but there were disappointments elsewhere too. Which currencies would perform best over the week?
So to start the week let’s see whether the US dollar had a strong start against the British pound. The opening rate was 0.6328 and by the end of day one this had risen slightly to a healthier 0.6373. But would it do this well against the Euro? The opening rate didn’t improve on day one, instead slipping from 0.7477 to 0.7467. And there was more disappointing news against the Hong Kong dollar as the US dollar went from 7.7555 to 7.7549.
After yesterday’s good start against the pound we had some more good news today. It was only a slight increase that saw the dollar rise to 0.6410 but it was good news nonetheless. There was another drop against the Euro though, sending the dollar down to 0.7441 in the process. The US dollar did better against its Hong Kong counterpart today though, reaching 7.7554 as it did so.
Today the dollar did even better against the pound and reached a high point so far of 0.6424 as we reached the midweek point. Will this good streak continue throughout the remainder of the week as well? Whatever happens we had another downturn against the Euro today, as the dollar slid back to 0.7418. There was another improvement against the Hong Kong dollar too, as it went up to 7.7559. It may only have been a small improvement but everything counts.
In answer to yesterday’s question, the good streak certainly continued for another day as the dollar improved still further to 0.6448. And finally some of this good luck rubbed off on the dollar as it progressed against the Euro, climbing to 0.7503 as it did so. The progress against the Hong Kong dollar was very much up and down as the US dollar dipped back to 7.7550 today. Could we possibly predict what could happen on the last day of the week?
Finally we had yet more good news for the US dollar. After a great week against the British pound it finished with a flourish today and closed on 0.6457. Yesterday saw the first improvement against the Euro this week, but although it was followed by another improvement today, it was only a small one, taking it up to 0.7504. Unfortunately we couldn’t end on a good note against the Hong Kong dollar. This has been an up and down affair this week, and the US dollar would end on a down note of 7.7545 as a result. So it has been a mixture of good and bad this week, although in some cases the good results were very good indeed. All in all it made for fascinating reading.